Homemarket Newsstocks News

    Buzzing: Wipro shares surge over 9% to hit 52-week high on buyback plan

    Buzzing: Wipro shares surge over 9% to hit 52-week high on buyback plan

    Buzzing: Wipro shares surge over 9% to hit 52-week high on buyback plan
    Profile image

    By Pranati Deva   IST (Published)

    Mini

    Wipro shares surged over 9 percent to hit its 52-week high on Thursday after the IT firm said its Board will consider a buyback plan on October 13.

    Wipro shares surged over 9 percent to hit a 52-week high on Thursday after the IT firm said its board will consider a buyback plan on October 13. The announcement comes on a day when larger rival Tata Consultancy Services (TCS) board has cleared a Rs 16,000 crore buyback plan.
    The stock jumped as much a 9.6 percent to its 52-week high of Rs 367.75 per share on BSE. Wipro is the third IT services firm to announce a share buyback after TCS and Majesco.
    "…the Board of Directors will be considering a proposal of buyback of equity shares of the company at the…meeting scheduled to be held on October 13, 2020," Wipro said in a regulatory filing. No other details were provided.
    Other IT stocks also rallied on positive sentiment after TCS beat street expectations in the September quarter. The stock was up over 5 percent lifting the IT index to over 5 percent in intra-day deals. Infosys, Tech Mahindra and HCL Tech also jumped 4-5 percent.
    arrow down

      Market Movers

      View All
      CompanyPriceChng%Chng